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FxWirePro:EUR/AUD falls below 1.5750, bears keep the advantage

•EUR/AUD declined on Friday  as downbeat German industrial orders weighed on euro

•Data showed  orders for industrial goods dropped by 1.9% in seasonally adjusted terms, compared with a  forecast for a decline of 1.0%.

•At GMT 16:14, the pair was trading down 0.16 percent   at 1.5711.

• Technical signals are bearish as RSI is heading down  at 41, daily momentum studies  5, 9 and 11 DMAs are trending down. 

•Immediate resistance is located at 1.5796 ( 38.2%fib), any close above will push the pair towards 1.5926 (50%fib)

•Support is seen at 1.5620 (23.6 %fib ) and break below could take the pair towards 1.5568 (Lower BB).

Recommendation: Good to sell on rally around 1.5750, with stop loss of 1.5800 and target price of 1.5600.
 

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